Polymarket and Kalshi are less regulated than betting sites, but users can win or lose large sums on the platforms
Yadin Eldar, 21, has been betting on prediction markets since 2019. His friends think he’s “crazy”, he said. But the craze surrounding these platforms is rapidly gathering steam.
Users can bet on virtually anything, from the outcome of Sunday’s Super Bowl to whether the US will invade Greenland, every second of every day.
Hundreds of millions of dollars are now wagered each week, generating odds that users promptly screenshot, post and meme far and wide, from social media feeds to mainstream news networks.
Polymarket and Kalshi, two of the leading platforms, collectively saw about $1.2bn in trading volume on Sunday, according to analysis by Piper Sandler, as the Super Bowl spurred a betting frenzy.
